you've got to put money to work in this environment. how do you do it when we see the fundamentals are not keeping up with some of this market performance? >> it's a real challenge. the private client was tremendously traumatized by the financial crisis and spooked by technology glitches and continuing scandals in the marketplace. they still don't trust that if they put their money in stocks, bonds, mutual funds, it's going to grow in value over time. we've been encouraging them in as many ways as we can to move out of cash, move out of bonds, which they perceive as safe but have their own risks, into at least a benchmark waiting in equities. the problem is all through this year you've had overhanging uncertainty in the marketplace. first, u.s. economic growth, china, european sovereign debt crisis. those have been replaced right now by, as you've mentioned, fiscal cliff and debt ceiling negotiations. the investor is confused about where to go, but those investors who stayed in cash missed this rally that we've had this year. they shoul